Total fashion spending by teens has fallen nearly one-quarter since spring 2007, according to Piper Jaffray's "Taking Stock With Teens" study.

Apparel spending by young women was down 18% versus 9% for young men.

"The fashion category still represents 42% of the total teen budget for the fall 2007 season despite moderation in spending habits," said Jeff Klinefelter, senior retail research analyst at Piper Jaffray, in a statement.

Apparel spending by parents on their teens is down one-third since the spring and 19% year over year.

Piper Jaffray surveyed about 980 students in mall research field trips in 10 cities across the United States and teamed up with the national Delta Epsilon Chi student marketing organization for 3,000 additional completed online surveys.